Ann: Updated Presentation - New World Metals Perth, page-11

Correct, it's nothing more than dilution effect @paulgf

In the August presentation, Thematica had 4.9% of 245.3m SOI, or a holding of ~12m shares. Galan now have 271.2m SOI so Thematica's ~12m shares equate to a holding of 4.4% per this latest presentation. All this really tells us is they either were not invited or chose not to participate in the $50m raise.

It's hard to say why this is, but bear in mind as of 30 June 2021 Galan is already the fourth-largest holding in Thematica's 'Future Mobility Fund', and #2 on that list is Ganfeng, so it may have been an appetite thing:



Cheers,
m